Eurozone exit ‘will harm Greek jobs’

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The pain caused by austerity measures will worsen if it leaves the eurozone, says National Bank of GreecePetros Giannakouris/AP

Peter Stiff

Last updated at 12:23AM, May 30 2012

Greece’s biggest bank yesterday warned of dire consequences if the country was to leave the euro.

Its report came amid growing support among voters for pro-bailout parties that would be likely to keep the country in the single currency.

The National Bank of Greece said that living standards would plummet, incomes would be slashed by more than half, and inflation and unemployment would skyrocket. “An exit from the euro would lead to a significant decline in the living standards of Greek citizens,” the report said.

The bank warned that per capita income would collapse by at least 55 per cent,